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Financial Literacy Skills and Your Students

Financial Literacy Skills and Your Students. Presenter—Pam Jerome NYS Higher Education Services Corporation (HESC), Manager of Consulting Services. Need for Financial Literacy. 76% of college students have credit cards 56% of final year students have 4 cards or more

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Financial Literacy Skills and Your Students

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  1. Financial Literacy Skills and Your Students Presenter—Pam Jerome NYS Higher Education Services Corporation (HESC), Manager of Consulting Services

  2. Need for Financial Literacy • 76% of college students have credit cards • 56% of final year students have 4 cards or more • Many students are accumulating debt at a record pace – final year students carry an average of $2,864.00 in credit cards alone

  3. Need for Financial Literacy • Students lack basic financial management skills. Students facing financial difficulty are susceptible to dropping out of school and defaulting on their loans. 

  4. Financial Awareness and Consumer Training for Students (FACTS) • Develops financial literacy for your students at your school. • Professional staff from HESC will provide training for you, your staff and your students. • Money Wise 411 is designed specifically for high school students in order to develop skills and avoid credit card debt!

  5. Training Outline: • Importance of Saving • Establishing Short and Long Term Goals • Develop a Spending Plan • The Cost of Driving a Car • Use of Debit vs. Credit • Cell Phones • Prevent Identity Theft

  6. Session Options: • Student Assemblies • Student Workshops • Lesson Plans • Parent Nights

  7. FACTS works! • Approx. 2,600 students received training at 61 different sessions throughout NY state • Students agree: they are better able to manage their finances, and they would recommend FACTS to a friend!

  8. FACTS works! • High school counselors also agree: • “ The students were able to extract valuable information from the presentation” • “ The students really seemed to enjoy the presentation. I was thrilled to see the students actively participating”

  9. Sessions Provided At: • Rye Neck High School • Seton Catholic High School • Ossining High School • Williamsville High School • Manhattan Bridges High School • Lyme Central School • Marcellus High School • Albany High School

  10. Cost of Driving Someone Else’s Car • This chart estimates the monthly responsibilities of maintaining a car without a loan payment • Monthly Cost of Operating a Car • Maintenance(4 oil changes) $10 • Repairs/Parts $30 • Fuel $70 • Insurance($1,800-$2,500/yr) $200 • Annual Registration($60) $5 • Total $315

  11. Cost of Owning a Car • Owning and operating a car can cost more than the vehicle’s purchase price and financing costs • Monthly Cost of Purchasing,Financing and Operating a Car • Loan payment $240 • Maintenance(4 oil changes) $10 • Repairs/Parts $30 • Fuel $70 • Insurance($2,500-$4,000) $200 - $300 • Annual Registration($60) $5 • Total $555 - $655 This chart estimates the monthly cost of purchasing, financing and operating a $10,000 vehicle to be driven and insured by a 20 year old male. In this example, a $2,000 down payment was made, and the balance was financed at 16% interest for 5 years.

  12. Writing a Check • Date the check • Write the name of the person or firm to whom the check will be payable • Enter the amount of the check (in figures) next to the dollar sign

  13. Writing a Check • Write the amount of the check (in words) on the line beneath the “Pay to the order of” line • Sign your name on the bottom line EXACTLY as it appears on the bank signature card • Use the “Memo” line to record the purpose of the payment

  14. ATM 24 hour access to your money Daily limits on withdrawal amounts Fees charged when used at ATM’s not owned by your bank Debit Purchase amount is automatically deducted from your checking account Card may be used for Credit purchases too Some banks charge a fee when the card is used as Debit ATM Card vs. Debit Card

  15. Debit Purchase amount is automatically deducted from your checking account Provides alternative payment method to cash No interest charged Credit Purchases made with credit card are paid for with a loan from bank (billed monthly) Interest accrues monthly Try to pay in full every month. At least, pay more than the minimum payment amount required Debit vs. Credit Card

  16. Students Need: • The Right Message, (Money Wise 411) at • The Right Time, (this year) using • The Right Media!! (Money Wise 411 PowerPoint delivered by HESC professionals or your trained staff)

  17. Questions? Thank You! FACTS contacts: Pamela Jerome, Manager, Consulting Services, (518) 402-3521 pjerome@hesc.org Joseph Gorman, Manager, School Counselor Services, (518) 486-6281 jgorman@hesc.org

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